IBEW Local 56 Federal Credit Union was chartered in 1961 - Once A Member ... Always A Member

Vehicle Loans

vehicle loan

New - Used 

The loan is secured by a title to an automobile, truck, motorcycle, RV, ATV, or boat. Vehicles being purchased from a dealer should be accompanied with the bill of sale. Used vehicles may require an appraisal if the Credit Committee deems one necessary. The vehicle ID number must be given to the Committee before the loan papers are drawn up. Proof of fire, theft, and collision insurance with a $500 deductible and a loss payable clause to the Credit Union is required.

  • Maximum amount is based on the NADA book value.
  • Maximum term is determined by the book value of the vehicle.
  • Rates are determined by the value of the vehicle, the percent of that value to be financed, and the length of time to be financed.
  • PennDOT has increased their lien filing fee to $78.00.

New Vehicle Loans - All Automobiles, Trucks, Motorcycles and Motor Homes

  • 2015 Model Year and Newer Vehicles
  • Loan limit - 90% of Manufacturers Suggested Retail Price or NADA suggested retail value
  • If the vehicle mileage exceeds 15,000 miles per model year, there will be a high mileage surcharge
Term Rates as Low as
24 Months 2.00% APR
36 Months 2.25% APR
48 Months 2.50% APR
60 Months 2.75% APR
72 Months 3.50% APR

*APR = Annual Percentage Rate
*Other rates, terms, and limits (up to 100% financing) are available or may apply depending on lending criteria.

All Other New Titled Vehicles - Boats and Trailers, Travel Trailers, ATV's, Jet Skis, etc.

  • 2017 New Vehicles (Never Titled)
  • Loan limit - 95% of Manufacturer's Suggested Retail Price 
Term Rates as Low as
24 Months 5.00% APR
36 Months 5.25% APR
48 Months 5.50% APR
60 Months 5.75% APR
72 Months 6.25% APR

*APR - Annual Percentage Rate
*Other rates, terms, and limits are available or may apply depending on lending criteria.

Used Vehicle Loans - All Automobiles, Trucks, Motorcycles and Motor Homes

  • Model Year 2011 - 2014 Vehicles
  • Loan Limit  -  95% of NADA Average Retail Value
Term Rates as Low as
24 Months 2.75% APR
36 Months 3.00% APR
48 Months 3.25% APR
60 Months 3.50% APR
72 Months 4.35% APR

Model Year 2006-2010: Add ½% APR

Model Year 2005 & Older: Add 1.0% APR

*APR = Annual Percentage Rate
*Other rates, terms, and limits are available or may apply depending on lending criteria. 

All Other Used Titled Vehicles - Boats and Trailers, Travel Trailers, ATV's, Jet Skis, etc.

  • Model Year 2011 and Newer Used Vehicles
  • Loan Limit  -  95% of NADA Average Retail Value
Term Rates as Low as
24 Months 5.50% APR
36 Months 5.75% APR
48 Months 6.00% APR
60 Months 6.25% APR
72 Months 6.75% APR

Model Year 2006-2010: Add ½% APR

Model Year 2005 & Older: Add 1.0% APR

 *APR = Annual Percentage Rate
*Other rates, terms, and limits are available or may apply depending on lending criteria.

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